Ch. 2, STRATEGIC PLANNING FOR COMPETITIVE ADVANTAGE

This chapter introduces the marketing planning process, known as the "marketingstrategy." A strategy is a grand plan, usually prepared by those in charge of the company. Deciding what products to make and sell, who your likely customers will be, where to sell, and at what price, are all strategic decisions. The chapter explains aSWOTanalysis,which is an organization self-study tool that looks at the company leadership, resources, its internal and external environments, and SWOT,Strengths andWeaknesses,Opportunities andThreats, and then analyzes all these to develop a Marketing strategy or overall plan.

The Marketing Strategic Plan includes the company mission statement, strategic business units known as SBU's which are the separate profit centers in a marketing firm, the goals, strategy or plans, the target market, and the market mix (which is also known as the four P's). What the Marketing Plan is in more detail, its importance, what a company's competitive advantage is, and the different types of competitive advantages a firm may have, are explained. You can look over the sample Marketing Plan posted separately on the same Assignment Page where this is posted. See how the parts connect to each other. Prepared at the start of the marketing process, whether for a new product or a new company, much of the plan is prediction. It's important to include a range of possible outcomes in the plan from being profitable to losing money.

1. Please review the Ch. 2 PPT and read Ch. 2 when you have the book.
2. Please watchhttps://www.youtube.com/watch?v=teKlF4Wxa6UDo you agree with Seth Godin on SUPREME's strategy? Supreme's site is here: https://www.supremenewyork.com/ about famous brands. How important do you think a brand is to a successful company like SUPREME, Nike or Coca Cola?
3. Check the instagram page for one of these brands. (https://www.instagram.com/nikesportswear/; https://www.instagram.com/supremenewyork/?hl=en;Links to an external site.https://www.instagram.com/cocacola/Links to an external site..) Does it reflect the brand well? Why or why not? Can you relate the brand's page to anything in Ch. 2?